Lument Provides $22M for Affordable El Paso Community

Jackie Robinson Memorial Apartments

The El Paso City Housing Authority has received an unfunded loan from Freddie Mac of $ 21.5 million to renovate the Jackie Robinson Memorial Apartments, an affordable 186-unit community in El Paso, Texas. Lument provided the 18-year funding with a low fixed rate, three-year interest payments, and a 35-year amortization schedule. The forward obligation has a term of 30 months with an extension of six months.

As part of the transaction, the 4 percent low-income residential tax credit community will benefit from Section 8 support that results in a long-term, project-based conversion of coupons. This support ensures that all units are restricted to tenants who earn less than 60 percent of the area median income.

Jackie Robinson sits on 15 acres at 421 Mangrum Circle and comprises a total of 32 two-story residential buildings and townhouses that were developed in 1975. Floor plans range from one to five bedroom floor plans with an average size of 827 square feet. Amenities include a common room, a basketball court and around 200 parking spaces.

Improvements in progress

HACEP began renovations in October and funded construction with a loan from JPMorgan Chase and bonds for apartment buildings, according to Yardi Matrix. The improvements are expected to be completed within 24 months and are aimed at indoor and outdoor improvements such as new windows and doors and extensive repairs and replacements of roofs. Wright & Dalbin Architects offer architectural services.

Jackie Robinson is located approximately 6 miles northwest of downtown El Paso, north of Interstate 10. There are many shopping and dining options within 2 miles.

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